Nasdaq LONDON – Portfolio investors raced to build bullish positions in petroleum at the end of January amid signs the business cycle slowdown is coming to an end and fears about attacks on tankers near southwestern Arabia. Hedge funds and other money managers purchased the equivalent of 97 million barrels in the six most important petroleum futures and options contracts
CNBC Oil fell more than $1 on Wednesday as economic growth in China, the world’s second-largest crude user, slightly missed expectations, raising concerns about future demand, while U.S. dollar strength dented investor’s risk appetite. Brent crude futures fell $1.23, or 1.57%, to $77.06 per barrel. U.S. West Texas Intermediate crude futures (WTI) were down 92 cents, or 1.27%, at $71.48. Even the ongoing
World Oil (Bloomberg) — Shell Plc has begun cutting jobs beyond previously announced reductions in its low-carbon division as CEO Wael Sawan seeks to trim costs and be more competitive with U.S. rivals, people familiar with the matter said. Roles are being eliminated on a division-by-division basis, with those affected offered options including redundancy packages or applying for jobs elsewhere
US News LONDON -Oil fell 3% on Tuesday, with Brent crude hitting the lowest since June after U.S. consumer prices rose in November, offering more evidence that the Federal Reserve was unlikely to pivot to interest rate cuts early next year. The CPI report added to downward pressure earlier coming from concern over excess supply and slowing demand, despite support
World Oil (Bloomberg) –Wages for U.S. oil workers climbed for a third straight month, setting a fresh record as paychecks prove resilient amid slowing shale activity. Average hourly earnings for front-line oil-and-gas workers rose 0.9% in September from the previous month to $43.63, according to a Labor Department report released Friday. Compared with a year ago, oil pay is up 5.7%.
World Oil (WO) — The American Petroleum Institute (API) joined with over 70 other trade groups representing diverse businesses across the economy in urging the Biden administration to maintain the existing National Ambient Air Quality Standards (NAAQS) for fine particulate matter (PM2.5). In a letter to White House Chief of Staff Jeff Zients, the organizations warned that moving forward
Yahoo Finance NEW YORK – Oil prices climbed about 2% on Wednesday on worries the conflict in the Middle East could disrupt oil supplies and ahead of an expected U.S. Federal Reserve announcement that could provide clues about future interest rates. Brent futures for January delivery rose $1.63, or 1.9% to $86.65 a barrel by 10:50 a.m. EDT (1450 GMT).
World Oil (Bloomberg) – Exxon Mobil Corp. expects to trim annual costs by about $2 billion as it integrates the $60 billion purchase of Pioneer Natural Resources Co., said Chief Executive Officer Darren Woods. About two-thirds of the savings will come from squeezing more oil out of the U.S. Permian basin via improved fracking methods and other technological improvements, Woods
World Oil (WO) — The United States added 838 jobs in September, according to preliminary data from the Bureau of Labor Statistics (BLS) after adjustments to August numbers and analysis by the Energy Workforce & Technology Council. While updated numbers only suggest a 0.1% increase in labor availability since August, the market has added jobs in seven out of the
Investing NEW YORK – Oil prices were on track on Friday to post their steepest losses in a week since March, after another partial lifting of Russia’s fuel export ban compounded demand fears due to macroeconomic headwinds. On Friday, Brent futures edged higher at 7 cents at $84.14 at 11:22 a.m. EDT (1522 GMT). U.S. West Texas Intermediate crude futures were up
Oil Price OPEC+ continues to work to balance oil markets, cautiously eyeing China growth, the UAE Minister of Energy told a conference just two days ahead of the alliance’s October 4 ministerial panel meeting. “Many dynamics are moving on and we hope that the growth in China picks up … because the whole world economy is dependent on China,” UAE
Investing LONDON (Reuters) -Oil prices edged lower on Thursday on growing expectations that key Western economies will maintain high interest rates to tackle stubborn inflation. By 1312 GMT, Brent crude futures were down 66 cents at $95.89 a barrel after rising to their highest level since last November earlier in the session. The November contract expires on Friday. The December Brent contract
